Climate activists took to the streets Friday in Albany to demand big banks stop funding fossil fuel projects.
“Climate Change is a human rights issue. It’s an urgent issue, and that’s why I’m here to show my support,” said Leah Penniman, co-founder of Soul Fire Farm. “As a farmer, we are directly impacted by climate chaos. We have been seeing mild winters, droughts, flooding, pest outbreaks, and farm workers are among those who are most disproportionately impacted.”
Specifically, they are marching to call on three major banks that can be found on the State Street hill in the shadow of the State Capitol in Albany to stop funding fossil fuel-related projects. They stopped at Chase Bank, TD Bank and Bank of America.
“They are invested in fossil fuels, and we know that fossil fuel burning is one of the leading drivers of climate chaos. We need everyone on board,” she said.
It’s the third such march on the hill in three years. Leading the charge was Michael Richardson of Third Act Upstate New York.
“What we’re asking very specifically is no new financing of new fossil fuel projects to allow the transition away from an economy based on fossil fuels to one based on renewables,” he said.
It’s something the state of New York is grappling with as well.
As part of a review of the state's readiness for a transition to renewable energy, state Comptroller Tom DiNapoli announced earlier this year that the New York State Common Retirement Fund would restrict funding for eight integrated oil and gas companies that it has determined are not transition-ready.
"Climate change is an increasingly urgent risk facing all investors, and I am determined to protect the state’s pension fund by keeping it at the forefront of efforts to mitigate risks to our investments,” he told Spectrum News 1 in a statement. “For us, that means assessing high-impact companies’ readiness to transition to a low-carbon economy, reducing exposure to those that are not transition ready, and increasing investments in climate solutions."
While it’s progress, Richardson says he feels the state can do better, especially when it comes to legislation, with multiple high-profile climate bills like the HEAT Act and the Climate Change Superfund not making the cut in this year's state budget.
“This type of incrementalism and inaction is not going to get us through the transition,” he said.
Spectrum News 1 reached out to the three banks. None provided comment, but a representative for Bank of America pointed us to a section of its website outlining their climate policy which, in part, reads:
"Bank of America is committed to improving the environment in how we approach our global business strategy, work with partners, make our operations more sustainable, support our employees, manage risks and govern our activities."